The papers published in this book were presented and dis cussed on occasion of the celebration of Albert Kervyn de Lettenhove's retirement on 29-30 May 1986. This conference was made feasible through the participation of a large au dience and the generous financial support of the Commission of the European Communities. The sessions were organised under three topics, as are the papers in this book. The first session, chaired by Massimo Russo, Director-General, Commission ofthe European Com munities was devoted to an evaluation of past and current debates of central macro-economic problems, those of growth and business cycle stabilization. The second session, chaired by Jean Godeaux, Governor of Belgium's National Bank, looked at innovations in the conduct of monetary pol icy and the opportunities offered and problems associated with innovations in fiancial markets. The last session, chaired by Baron Michel Woitrin, formerly Professor of Eco nomics and Head Administrator of the Universite Catholi que de Louvain, contains several empirical analyses and pol icy proposals. I 30 years ago growth theory was a very promising research field, at the center of macroeconomics and macroeconomics was at the center of economics. Robert Solow -one of the major contributors to growth theory -reexamines the perti nence of that body of theory to problems of our times. A. Steinherr and D. Weiserbs (eds), Employment and Growth: Issues for the 1980s. ISBN 90·247·3514·9.

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and Summary.- I. A re-examination of the state of growth and stabilization theories.- 1. Second Thoughts on Growth Theory.- 2. The State of Macroeconomics.- 3. The Rich Country-Poor Country Problem: From the Eighteenth to the Twenty-First Centuries.- II. Innovations in financial markets and policies.- 4. The Rise and Decline of Monetarism.- 5. International Financial Integration: Policy Implications.- 6. A European Monetary Bank with Central Bank Functions.- 7. Conflicts and Coordination in the European Monetary System.- III. Policy studies with particular reference to Belgium.- 8. Belgium after World War II: An Experiment in Supply Side Economics.- 9. Money-Wage Rigidities and the Effects of Wage Controls: An Analysis of Canadian Experience.- 10. Between Theory and Policy: Is the Planner a Necessary Go-Between?.- 11. A Discussion of Belgian Unemployment, Combining Traditional Concepts and Disequilibrium Econometrics.- 12. Unemployment Policies under Constrained Growth.